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Financial Literacy During Covid-19

Recently the Native American Financial Services Association wrote a post discussing financial literacy. They do a great job promoting financial literacy year round, but they made sure with this recent post to keep financial literacy top of mind, even during the current pandemic, especially since April is Financial Literacy Month. Even though this month there has been an unprecedented shift in the way most Americans and people across the World handle their personal finances.

We’ve all heard by now that there have been tens of millions of people who recently lost their jobs and are applying for unemployment at this time. So individuals financial literacy is more important than ever. From the NAFSA article:

“The rise of the global COVID-19 pandemic has caused economic repercussions across the United States and the world. Efforts to contain the spreading coronavirus have caused a surge in layoffs, resulting in the loss of jobs in a variety of industries, and the U.S. Stock market saw its biggest drop since the financial crisis of 2008. We are now seeing record numbers of individuals filing for unemployment benefits.

Though there have been some attempts to alleviate this immediate problem, namely the CARES Act, most Americans are cutting expenses, putting off major financial decisions, and in many cases, struggling to make ends meet.

While it may seem other issues greatly outweigh the importance of financial literacy, we believe this is an opportune time to focus on the importance of financial education.

Since the Fall of 2018, NAFSA has made digital financial education available to the general public. With modules focused on topics such as basic budgeting to more complex areas like home mortgage, loans, and understanding credit, this tool is a resource for all to use. We at NAFSA believe that financial education will play a crucial role in the economic recovery moving forward. We invite you to use our digital financial resources and encourage you to share these tools within your Tribe or business and with your friends and family.”

There’s never been a more important time to make solid financial decisions and NAFSA makes sure to let their readers know, they are ready to help.